5904 banks frauds in 3 months in India

[First77]

I think that the movement of such significant masses of money, always affect economy positive or negative way. And in this case I think the trust of people to bank system in India would be really hardly harmed!

If top rank managers who speak to qualified chartered accounts (CAs) and lawyers, they cannot find out the real or fake documents amounting to $100 million or $1 billion, then think of the fear created in the minds of other people for the fake documents or how vulnerable are other people to fake documents.

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[furry04]

This i a big hole for economics and especially for the bank system if it really happened. So now governments should ban the banks as they claim to protect investors from scam ICO`s and investors.

[sserge009]

The trend is not unique to India. In many countries where the financial sector is closely linked to the government, similar things happen. More often than not, these countries are trying to regulate crypto markets as tightly as possible.

[First77]

The trend is not unique to India. In many countries where the financial sector is closely linked to the government, similar things happen. More often than not, these countries are trying to regulate crypto markets as tightly as possible.

But why would somebody commit $2 billion ? Even $50 million is lots of money for a luxury or super-rich life.

Some $200,000,000,000 is involved in Bitcoin. After $1,000 to $8,000, if people want more they are getting and Bitcoin could be hub for scams and frauds.

[ToyotaFortuner]

this seems very horrible and makes the country of India to be the worst country that ever existed hopefully it's all over quickly, the country of India is bad with the existence of cryptocurrency.

[First77]

this seems very horrible and makes the country of India to be the worst country that ever existed hopefully it's all over quickly, the country of India is bad with the existence of cryptocurrency.

India's second richest man Anil Ambani's Reliance Communication (RCom) and Reliance Power (RPower)

RCom share price has fallen from Rs 140 to Rs 13 in past 4 years. 

RPower share price has fallen from Rs 100 to Rs 40 in past 4 years   

Bitcoin is not alone   

[First77]

Punjab National bank (PNB) share prices on stock markets have fallen from Rs 92 to Rs 72 since I started this topic/thread.   

[zhekinsp]

India is one of the country where most crimes and frauds where happening this is happening because of the uneducated politicians managing the country so they will get bribed easily without knowing the consquences for the economic of the country later.It is one of the most hated country to love with too.

[First77]

India is one of the country where most crimes and frauds where happening this is happening because of the uneducated politicians managing the country so they will get bribed easily without knowing the consquences for the economic of the country later.It is one of the most hated country to love with too.

Those managers or high rank managers of big companies and banks are creating all the problems

[zoomzoom]

Things like this are never good for an "economic situation", but more from a confidence and support point of view rather than the finances defrauded making a difference, as they are multiple individual cases. This is concerning for India banking system though hopefully they get a hold on the situation. Do you have a link/reference to this OP?

[aso118]

India is one of the country where most crimes and frauds where happening this is happening because of the uneducated politicians managing the country so they will get bribed easily without knowing the consquences for the economic of the country later.It is one of the most hated country to love with too.

This is probably why there is a war against Bitcoin in India. Politicians and the establishment have been in bed with crony capitalists; Bitcoin has the ability to take their power away. India cannot afford to have such scamsters sucking the blood out of the banking system.

[batang_bitcoin]

When there are frauds the economy of that country will feel the pain especially if its about millions of dollars involve with that single fraud.

 

Punjab National bank (PNB) share prices on stock markets have fallen from Rs 92 to Rs 72 since I started this topic/thread.   

The pain won't be feel by the bank itself but also with their stock holders, there's a domino effect.

[spongegar]

2 billion US dollars! How did he get such a pay out! I mean didn't banks have checks and balances and security for its depositors? Then again, this huge amount if it was never returned will hit the indian economy bigtime. I meam this amount is no joke. I think this amount could even bail out a country from debt. I just hope it will be returned.

[First77]

Things like this are never good for an "economic situation", but more from a confidence and support point of view rather than the finances defrauded making a difference, as they are multiple individual cases. This is concerning for India banking system though hopefully they get a hold on the situation. Do you have a link/reference to this OP?

PNB fraud: Interpol issues red corner notice against Nirav Modi, his brother and close aide

The International Criminal Police Organization (Interpol) on Monday issued a red corner notice (RCN) against diamantaire Nirav Modi in connection with the multi-crore Punjab National Bank (PNB) scam.

Along with Nirav Modi, Interpol RCN has been issued against his brother Neeshal Modi and close aide Subhash Parab in Rs 13,578 crore PNB scam.

https://timesofindia.indiatimes.com/business

[bryant.coleman]

I do not think that you can come and take away the deceit of two billion dollars.
Maybe this is an April Fool's joke?

The loans were sanctioned when the corrupt UPA was in power. Nirav Modi simply paid a small bribe to the ruling party (Indian National Congress) leaders and in return got a bunch of loans worth $2 billion.

[First77]

The loans were sanctioned when the corrupt UPA was in power. Nirav Modi simply paid a small bribe to the ruling party (Indian National Congress) leaders and in return got a bunch of loans worth $2 billion.

Those managers or high rank managers of big companies and banks are creating all the problems

[DaughterOFbitcoin]

I think that the movement of such significant masses of money, always affect economy positive or negative way. And in this case I think the trust of people to bank system in India would be really hardly harmed!

If top rank managers who speak to qualified chartered accounts (CAs) and lawyers, they cannot find out the real or fake documents amounting to $100 million or $1 billion, then think of the fear created in the minds of other people for the fake documents or how vulnerable are other people to fake documents.

Creating fake documents and fake degrees is not a big deal in under developed countries and this is why we see a lot of frauds happening in such countries. By using blockchain and bitcoin, most of the frauds can be avoided to some extent.

[squog]

Woah, i guess geada will roll after that scam in that bank. I mean to actually walk away with 2 billion USD is like something out of an Ocean's movie. I'm pretty sure after this scam, a more strict policy will be imposed on all banks in india. If they haven't recovered that 2 billion USD they that will have a huge problem with the Indian economy. That is a huge red on thier ledger.

[thirdkiller]

This i a big hole for economics and especially for the bank system if it really happened. So now governments should ban the banks as they claim to protect investors from scam ICO`s and investors.

Bad things are easy to do, but it's very difficult to fix things. Have government banned Banks people can be not satisfied in government? I think it is two sides for that thing.

[First77]

Creating fake documents and fake degrees is not a big deal in under developed countries and this is why we see a lot of frauds happening in such countries. By using blockchain and bitcoin, most of the frauds can be avoided to some extent.

Those high rank managers who are paid $25,000 to $50,000/month cleared/signed the $2 billion loan. They have lawyers and best CAs.